agriculture

Asia Rice-Vietnam export rates rise as floods and landslides hit supply


* Bangladesh to double domestic rice procurement

* Shortage of rail cars, port congestion hits Indian traders

* Rates for Indian variety ease to $370-$375/tonne

By Anjishnu Mondal

Oct 29 (Reuters) – Vietnamese rice export prices rose this
week as supplies were thinned by floods and landslides, while
logistical constraints slowed shipments out of India.

Vietnam’s 5% broken rice <RI-VNBKN5-P1> prices rose to $495
per tonne on Thursday from $485-$495 last week.

“Supplies are thin, while domestic demand is on the rise as
millions of people in central Vietnam have been affected by a
series of floods and landslides,” a trader based in An Giang
province said.

Vietnam’s exports in the first 10 months of this year were
forecast to have dropped 4% from a year earlier to 5.29 million
tonnes, government data showed.

Shipments from top exporter India slowed as exporters
struggled to secure rail wagons and due to congestion at a key
port.

“Logistical issues have slowed down exports. The sharp rise
in container freight rates have also been hitting traders, ” B.
V. Krishna Rao, president of the Rice Exporters Association
said.

Rates for India’s 5 percent broken parboiled variety
<RI-INBKN5-P1> fell to $370-$375 per tonne from $372-$377 last
week.

A depreciation in the rupee has allowed exporters to offer
rice at competitive prices, said an exporter based at Kakinada
in the state of Andhra Pradesh.

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Neighboring Bangladesh, which has been grappling with
dwindling supplies and a spike in domestic prices amid a
worsening pandemic, is set to nearly double rice procurement
from an upcoming harvest beginning mid-November, after an
earlier drive to shore up supplies fell short of targets.

The government will buy 650,000 tonnes of rain-fed Aman rice
variety from farmers, up from about 380,000 tonnes bought last
year, the food ministry said.

Meanwhile, Thailand’s 5% broken rice <RI-THBKN5-P1> prices
rose to $452-$480 from $435-$440 a week earlier.

“Domestic demand is higher and some foreign ships have come
to pick up orders (exports),” a Bangkok-based rice trader said,
adding he expected the rise to be short-lived.
(Reporting by Anjishnu Mondal in Bengaluru, Khanh Vu in Hanoi,
Rajendra Jadhav in Mumbai, Ruma Paul in Dhaka, and Patpicha
Tanakasempipat in Bangkok; Editing by Arpan Varghese and
Shailesh Kuber)

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View more information: https://www.agriculture.com/markets/newswire/asia-rice-vietnam-export-rates-rise-as-floods-and-landslides-hit-supply

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